Hard Rock Atlantic City says it will spend at least $20 million in capital improvements, the bulk of the money allocated to renovating 91 suites at the Boardwalk casino.
Hard Rock only opened its integrated resort in Atlantic City in June of 2018. Hard Rock International acquired the shuttered Trump Taj Mahal from Carl Icahn for just $50 million in 2017. The casino company owned by the Seminole Tribe of Florida then invested more than half a billion dollars to transform the India-themed property with turrets, minarets, and fake gold into a rock ‘n roll gaming resort destination.
Now, less than three years later, Hard Rock is dumping another $20 million into its Atlantic City footprint.
The commitment of these capital dollars from our ownership proves their devotion to enhancing our guest experience, along with the revitalization of Atlantic City and our property, which opened after a $500 million renovation less than three years ago,” said Joe Lupo, president of Hard Rock Atlantic City. “Our growth over the past year during unprecedented circumstances speaks to guests’ trust in our property and enjoyment of their experiences, which we will continue to evolve and improve.”
Sixty-six Celebrity and 25 Roxy suites will be renovated, and all standard rooms were recently upgraded with new flat screen televisions and LED lighting. The $20 million investment round will also bring a Starbucks to the boardwalk, additional slot machines to the casino floor, and new outdoor beach amenities.
Casinos Spending in AC
2020 was a most difficult year for the nine casinos in Atlantic City. The pandemic resulted in gross operating profits plunging more than 80 percent. It would have been worse if it were not for online gambling and mobile sports betting.
Despite 13 months and counting of challenges, Atlantic City casino owners are preparing for better economic conditions ahead.
Along with Hard Rock, Caesars Entertainment is spending $400 million over the next three years to renovate its three properties in town. Ocean Casino Resort last month announced a $15 million property refresh, and Bally’s is investing $90 million in a much-needed and long overdue renovation of its boardwalk namesake.
“We need to reinvigorate Atlantic City,” Lupo told the Associated Press. “With declining revenue, there are only so many visitors out there. It’s become more competitive. Those properties like Hard Rock that are in it for the long run are investing their dollars now.”
Not Only Casinos
Showboat owner Bart Blatstein believes Atlantic City must be more than casinos to attract new visitors. With gambling widespread in the northeast, the real estate developer is focused on creating new entertainment that appeals to families.
In April, Blatstein said the total cost for his 100,000 square foot indoor waterpark will cost $129 million. The Showboat is a non-gaming resort because of a deed restriction Caesars placed on the property when it sold it back in 2014.
“We’re going to be the first true year-round family resort in Atlantic City,” Blatstein said recently.
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